Additional issue of Asaka bank`s shares declared invalid in Uzbekistan

Tashkent, Uzbekistan, June 11
By Demir Azizov- Trend:

The Center for coordination and development of securities market declared invalid additional issue of the Asaka state joint stock commercial bank`s shares due to the fact that the bank failed to place securities in the timeframe of the prospectus of the emission, the bank's securities management department told Trend.

As reported earlier, at the end of last December, the bank registered additional issue of shares in the amount of 75 billion soums, planning to increase its registered capital by 18 percent - up to 494.88 billion soums. In total, 1, 226.698 ordinary shares with par value of 61.14 soums each have been issued.

The securities were planned to be fully placed through the closed subscription among Almalyk Mining and Metallurgical Plant, Navoi Mining and Metallurgical Plant, Uzbekistan Railways, Uzbekneftegaz national holding company, Uzbektelecom, Uzbekenergo and Uzmetkombinat within 150 calendar days.

"Due to the fact that one of the shareholders, performing a government task directed the reserved funds for the purchase of shares for the implementation of the project, an additional issue failed to be placed in the considered prospectus time. The issue of increasing the authorized capital remains topical, and it will be included in the agenda of the annual meeting of shareholders," the bank said.

Asaka bank's authorized capital was fully formed to the amount 419.881 billion soums and divided into 6,867 shares with a nominal 61,140 soums each.

Asaka bank was established in 1996. The bank is mainly involved in lending to the automobile industry.

At present, the bank's shareholders are the Finance Ministry - 60.97 percent of shares, Uzavtoprom - 14.58 percent, the Uzbek Reconstruction and Development Fund - 14.56 percent, UzGAZOil - 5.06 percent, Almalyk Mining and Metallurgical Combine - 2.53 percent, Uzbekistan Railways - 1.27 percent, Uzagrosugurta state joint stock insurance company - 0.5 percent, Uzbektelecom - 0.28 percent, UzbekInvest national export-import insurance company and Khalq Sug'urta insurance company - 0.13 percent.

The bank has 26 subsidiaries, mini-banks, some savings and special cash desks receiving utility bills. Corresponding relations were established with more than 170 CIS banks and foreign countries.

In 2013, Asaka State Joint-Stock Commercial Bank increased its assets calculated in accordance with National Accounting Standards, by 7.5 percent up to 4.543 trillion soums, credit portfolio- by 20.4 percent (up to 2.903 trillion soums) and equity - by 13.8 percent (up to 577.367 billion soums) compared to 2012.

Official exchange rate on June 11 is 2304.44 soums / $ 1.

Edited by CN

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